Electric motors are important components used in electric vehicles for propulsion. Permanent magnet synchronous motors and induction motors are mostly used in electric cars, trucks, buses, two-wheelers and other EVs. Rising adoption of electric vehicles globally in order to curb vehicular emissions is a major factor augmenting the demand for electric motors. Government incentives and regulations mandating lower emissions are encouraging more consumers to opt for greener electric mobility solutions.
The global electric motors for electric vehicle market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the electric motors for electric vehicle market are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These companies are investing heavily in R&D to develop more efficient and compact electric motors.
Key opportunities in the market include developing low-cost and high-performance motors. Market players are focusing on improving motor designs to reduce costs without compromising on power and durability. Several new product launches catering to commercial vehicles and two-wheelers are expected to boost sales.
Globally, the Electric Motors For Electric Vehicle Market Size is witnessing strong growth in Asia Pacific and Europe due to supportive regulations and rising electric mobility adoption. China currently dominates the global market owing to large domestic production of electric cars. Other emerging markets such as India and Southeast Asian countries offer high growth potential for electric vehicle components in the coming years.
Market drivers
Stringent emission norms forcing automobile manufacturers to switch to electric powertrains is a major driver for electric motor demand. Government incentives for electric vehicles in the form of subsidies and tax rebates are also encouraging more consumers to adopt electric cars. Growing consumer awareness about environmental protection and long-term cost benefits of electric transport are further supporting the electric motors for electric vehicle market growth. Developments in battery technologies improving driving ranges are increasing consumer confidence in electric vehicles.
PEST Analysis
Political: The government is focusing on promulgating stringent emission norms and standards towards promoting adoption of electric vehicles. Various subsidy schemes and tax incentives for manufacturing and purchase of electric vehicles are positively impacting the market.
Economic: With rising fuel prices and growing environmental concerns, demands for affordable and sustainable transportation are increasing. Fall in battery prices is making electric vehicles more cost competitive.
Social: Increasing awareness about climate change and its impact is driving consumers towards green mobility solutions. Social media influencers are promoting electric vehicles.
Technological: Advancements in battery technology, electric powertrains, and charging infrastructure are enhancing the driving range and performance of electric vehicles. Connectivity features are enhancing user experience.
Geographical regions where market in terms of value is concentrated:
The market is currently concentrated in China, Europe and the United States. China accounted for largest share due to presence of leading automakers and government support for electric vehicles. In Europe, countries like Germany, Norway, Netherlands, Sweden and UK are major markets. The United States is another prominent regional market driven by policy support and investments of auto companies.
Fastest growing region for the market:
The Asia Pacific region excluding China is expected to be the fastest growing regional market during the forecast period due to rising adoption of electric vehicles in countries like Japan, South Korea, India, ASEAN countries. Government initiatives towards building charging infrastructure and fiscal incentives for electric vehicles purchase are encouraging consumers towards electric mobility in these countries.
Get more insights on This Topic- Electric Motors For Electric Vehicle Market
OverviewGlobal Electric Motors for Electric Vehicle Market Size, Status and Segment by Types and Application.
Manufacturing technologies and applications that form a part of this market success are also included in the report.
Further, the report has an acute focus on global players, products with the highest demand, and the various product categories, which are causative of the Electric Motors for Electric Vehicle market growth.
The study of the market has been taken place during 2021, the base year and the forecast period stretches till 2027.Key Players Profiles in This Research Report are- Mitsubishi Electric Corp,BYD Co. Ltd,Aisin Seiki Co. Ltd,Tesla Inc,Toshiba Corporation,Honda Motor Company Ltd,Toyota Motor Corporation,Nissan Motor Co. Ltd,DENSO Corporation,BMW AG,Hitachi Automotive Systems,Magna International,Robert Bosch GmbHThe report extensively includes the industry overview, which consisting of details like the market size and share, estimated growth, along with future cost, demand, revenue, and supply data.
While covering the market dynamics, the report details several industry drivers such as restrictions, recent developments, and opportunities for rising market players.
This can hugely help market players closely explore various segments for better profit margins in the next few years.
